Mexico is one of the most beautiful places that you will ever see. This country found in North America, is bordered by Guatemala, Belize, Pacific Ocean and The Caribbean Sea. Mexico and its strong Hispanic influence, makes it such an exciting destination for living. This country will provide you with an extensive collection of art, food, archaeology, pyramids, museums, mountains and deserts.
But how much does it cost to live and retire in Mexico? How does the cost of living in Mexico compare to the US?
As you may expect, Mexico is a top tourist destination. For most people, this remains as a primary choice when looking for a place to live in. The economy of Mexico is very competent as it ranks among the top 11 in the world. Its economy depends on so many smaller sectors. These would include trading, electricity generation, railroads, telecommunications and manufacturing industry.
The currency used by Mexico is the Peso (MXN). One thing that you should know is that bills which are issued before 1993 are worthless. Never accept anything dated before 1993. The value of Mex$1 is at $ 0.08 USD. As comparing it to the Euro, the value of Mex$1 is equivalent to 0.05 EUR. Cost of living is practically cheaper when you are here in Mexico. With such great culture and location, you’d think that Mexico is one place to be in!
Housing in Mexico is actually very cheap. You’d be surprised that there are people that can pay $100 for a two-bedroom flat here. You may expect to set $150 to $200 per month for apartment rentals here in Mexico for the mid-class apartments. If you find cheaper locations, apartments cost around $80 to $100 per month. If you are interested to buy a house and lot, you can actually buy one around $20,000. Living conditions here vary so it is up to you if you want to live in the city or not because living there is a bit expensive.
It is actually easy to drive a car here in Mexico. If you own one, you can actually bring it here. Gas may cost you around $50 per month which you will not use. Depending on where you go or the daily route that you take, you can pay less for the gasoline here. As for commuters, there are so many ways of travelling in Mexico. The bus is the most economical way of travelling in this place. Bus fares would cost around $2 depending on your destination. The farther you go, the higher the cost of your bus ticket. The Metro train is one of the most used systems here. Ticket prices cost $3 for unlimited transfers. The metro bus is a more expensive bus to take as it is priced at $5 for a ride. There are the light rail and the trolley buses which have a flat rate of $2 for the fare. As for taxis, there are so many that you can find in Mexico. The flag down rate of this is at $0.48 and increases $0.05 per quarter km.
Average Cost of Monthly Utilities
The cost of monthly utilities in Mexico is quite cheap. You can actually use as much energy and water and still get to pay a cheap price when you are here. First, the electric bill without use of an air conditioner is around $80 per month. If you practically are dependent on the air conditioner, you can spend around $200 per month for you electricity. As for your water bill, you can expect around $7 per month. Internet and telephone bills are charged at $35 each or you can get a package with the cable TV that may cost around $45. Make sure that you spend wisely for your average monthly utilities.
Cost for Maid Services
Maid services in Mexico are quite common as a job for the locals. If you need assistance for your housekeeping, you can easily hire a maid here full-time or part-time. For a full-time maid, you can expect around $160 per month. This includes a day off every week, cleaning of the house, babysitting, cooking and the laundry. For hiring maid daily, it can cost around Mex$50 a day. Maid services are not hard to find here. If you want, there are agencies that actually provide you with countless of maid services.
Cost for Food and Drinks
The monthly expense of the people living in Mexico is around $150 to $200 for their groceries and food. Since there are so many agricultural products, fruits and vegetable sold in Mexico are practically cheap. As for processed food, you can find a great deal of manufacturing industries here so you can afford purchasing products sold here. Meat and poultry is another product that you can purchase here for a cheap price. Eating out, you can already dine for $1.50 and feel satisfied with your meal. But for luxurious restaurants, you can find meals cost around $100.
The healthcare is Mexico is actually remarkable. You can trust that these doctors have been trained well as most of them have undergone training in the best US and Europe hospitals. Medicine prices in Mexico cost very low with half of the prices that you would pay if you were to buy them from the US. For consultations with doctors, this can only cost you around $25. When you stay in hospitals, you just have to pay $35 per night. Healthcare is practically affordable when you stay here and with such service, your health will never be a problem.
Mexico has a diverse market whenever you shop here. Clothing is practically expensive for the kind of prices here in Mexico. You can always check out flea market, department stores and small stores that sell clothes for a cheap price. The typical Mexican spends around $150 per month for shopping for clothes. You can expect to pay the same especially if you buy a lot of clothes all the time.
Now you have seen how cheap it can be to live and possibly retire in Mexico. You can get more from your retirement savings with the low cost of living in Mexico.
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